Gray Lion Capital LLC

Item 5 Fees and Compensation

Asset Management Fees
Pursuant to an Investment Advisory contract signed by each client, the client will pay Gray Lion
an annual management fee, payable monthly in arrears, based on the market value of portfolio
assets of the account on the last business day of the month. The management fee may be adjusted
to account for significant contributions or withdrawals made to the account during the month. New
account fees will be prorated from the inception of the account to the end of the first month.

The maximum management fee is 1.00% and may be lower depending on the type and complexity
of the investment management strategy employed as well as the size of the account or overall client
relationship. Management fees may be reduced or waived for directors, officers, and employees of
Gray Lion at the discretion of management. These fees may be negotiated by Gray Lion at its sole

Gray Lion Capital LLC                        Page 2

discretion. The client will give written authorization permitting the Advisor to be paid directly
from their account held by the custodian, and the custodian will send a statement at least quarterly
to the client. Where it is impractical to deduct fees directly from the client account, client will be
sent an invoice on a monthly basis for any outstanding advisory fees due.

All fees paid to Gray Lion for investment advisory services are separate and distinct from the
expenses charged by mutual funds to their shareholders. These fees and expenses are described in
each fund’s prospectus. These fees will generally include a management fee and other fund
expenses.

The client is responsible for all custodial and securities execution fees charged by the custodian
and executing broker-dealer. The Advisor’s fee is separate and distinct from the custodian and
execution fees.

Neither Gray Lion nor its supervised persons accept compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of mutual
funds.

Item 7 Types of Clients

The Advisor will offer its services to individuals, trusts, estates, charitable organizations,
corporations and other business entities.

The Advisor’s cumulative minimum account requirement for opening and maintaining an account
is $5 million. However, the Advisor may at its sole discretion accept accounts with a lower value.